It is clear that a big position that might affect small investors can still be hidden and that the updated disclosure rules have holes in them for shares on the OTC and smaller companies. It may be hidden via swaps or other private transactions. Then you also have dark pools and other off-exchange trading. So it’s not clear what hijinks may be occurring.
What is clear is that some odd strategies, like what GNS did, do in fact trigger massive buying when, if the markets were transparent, there would be no real reason for that buying. We had the Archegos saga, which is a testament to howlositions can be invisible. And the GameStop Saga also indicated that what we see is often not all there is out there.
I was skeptical if the naked short story as well. It seemed unlikely. Those different sets of events suggest a lot more is going on under the surface than we can see.